Taher Al-Baour, Libya’s acting Foreign Minister, met with Mustafa El-Manea, President of the Founding Committee of the African Investment Bank, to discuss plans for launching the bank . As well as the outcomes of communication with African countries, regarding its establishment.
During the meeting, Al-Baour emphasized the necessity of the committee’s continued efforts to fulfil this significant commitment, for both the Libyan state and the African continent. He also expressed readiness for participation in the upcoming African Union Summit, scheduled for early 2024.
The African Investment Bank is one of the institutions under the African Union. Libya has been designated as the bank’s headquarters, with an estimated capital of about $25 billion dollars.
The meeting marks a crucial step in advancing the establishment of the African Investment Bank. This initiative is seen as a strategic development for the African continent, enhancing investment opportunities, and fostering economic growth. The bank’s launch is highly anticipated and is expected to play a pivotal role in the economic landscape of Africa.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.
Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.
The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.
The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.
Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.